Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-02-27
fC0rmUHicArED.l
From the Richmond Wing Of February q, 1871.
MIR. BRYAN EXPLAINS
WHY TAXES SHOULD BE PAID IN TAX.
RECEIVABLE Coupons,

latl0n- Uut-hofOuihs hetOo -fIdctlCal
Evietion-A Question Of Moral 0bligs.
ton.
Editor Of the Wing:
Sir,-The fact that pay my State
taxes in coupons having been several
times lately brought TO the attention Of
the public in the Wing i deem ii not
improper to give my reasons for adopt
ing course which by some is said to
be unpatriotic.
II is a familiar maxim that " it be
comes nobody to be wiser than the law, "
and the law of this land is that | may
pay my taxes in coupons; that / have
Us much right to pay taxes with them
as with gold or greenbacks and this
right is the same now that 1t was years
ago. when these coupons were freely
offered and freely taken all over this
State.
II is true the right has been in some
measure INSTRUCTED by State legislation;
but no man who thinks the proposed
Riddleberger settlement of the State
debt unjust and indefensible should be
deferred by unconstitutional legislation
or the clamor Of reproach OF those
whose blame is praise-from doing his
duty in respect to paying his taxes in
coupons.
| say proposed Riddlebergcr settle
ment, because it has utterly failed Of
its purpose as a dc .fact0 settlement,
and despite all the efforts made to Sis
tain it, it is crumbling and sinking un-
der the weight of injustice and bad
faith with which it has been loaded.
The main object of its attack was the
S14. 600, 600 Of per cent. consol bonds,
of which less than $4,000 only haye
accepted the situation.
1 dismiss the charge that all who use
coupons are moved only by avarice and
cupidity with the simple statement
that / know it is not true.
The most popular argument against
the use of coupons is that, if persisted
in, it will cause an increase OF taxation
and so it may be reported that 1t is ava
rice and cupidity in the minds OF the
Readiusters which cause that deadly
opposition TO taxation which has To
suited in our present perpleXlties.
elimination and recrimination prove
nothing.
The character of the State is at stake,
and some of her citizens are upholding
it according TO their convictions and
their rights. A great principle and a
great truth cannot be subverted or even
obscured by the method of detraction
and boycott, which are becoming the
last resort Of the desperate "enforced
settlement party in this Stete.
The amount of the debt Of this state
was fixed IN 1871. The portion allotted
to West Virginia was fixed. For the
part assumed by Virginia she agreed
to issue her bonds with coupons re-
ceiyable for taxes, and two thirds OF
her debt was promptly funded into
these bonds.
In 1872 a new Legislature repealed
the coupon feature OF the settlement,
but in every other respect affirmed
the settlement and the amount Of the
debt.
From 1872 to 1879 the debt question
was discussed with increasing warmth
throughout the State, and in March,
1879, a Legislature which had been
elected on the debt issue, after fully
considering the whole subject, passed
the McCulloch OF 1910 debt bill,
which reafiirmed the amount Of the
debt rs fixed by the act of 1871
adopted the coupon feature OF that act
| but reduced the rate OF interest from I
per cent. to per cent, 4 per cent,
! and per cent Under this act about
six millions of 6 per cent. c0nsol bonds
were voluntarily funded into bond
with lower rate of interest. Around
these new bonds new guards were
thrown by the Legislature and the
most solemn declarations made TO assure
the holders of the abiding good faith o.
the State, and it WAS confidently be-
lieved for awhile that these, at least,
would prove obligations from which the
State would not finch.
Hut in 1882, without any discovery
Of new facts, the Kiddleberger act WAS
passed, by which the amount principal
and interest," OF the debt was reduced
from about thirty-four millions to about
twenty millions. The rate Of in
terest was brought down to per cent
without coupons receivable for taxes,
and the amount OF this debt 50 recOg-
sized was apportioned among the bond
holders very much to the injury of all
classes of bonds, except the so-called
black scrip, which was mysteriously
placed among the preferred classes OF
the new scheme.
The creditors of the State were i'll no
way consulted about this administration
upon their property, and the plan Is
commonly supposed TO have been pre-
pared and carried through more with II
view to its popularity at home than It's
Justice to the unrepresented creditor.
Then, in order that this act of con-
fiscation might he made effective and
the creditors "eyicted" Of their bonds,
a succession of laws have been enacted,
which, as solemn Legislative enGctment5
of deliberate falsehoOds and continued
and disgraceful efforts to hinder, delay,
and defraud creditors, perhaps stand
unparalleled on the statute books o!
any people. This charge would be in
credible if it was not demonstrable
The act of January II, 1882, proudly
called by its trainers "Coupon-Killer
No. /, recites the existence of coupons
receivable for taxes issued under the
acts of 1871 and 1879, but says such
coupons are in existence from bonds
which are spurious, stolen, or forged.
80. "And whereas such frauds on
the rights of the holders Of the afore-
said bonds impairs the contract made
by the Commonwealth with them that
the coupons thereon should be received
in payment of all taxes, debts, and de
mands due the said Commonwealth,
and at the same time Gefrauds her ont
of her revenues. therefore, for the
purpose Of protecting the rights Of
said bOndh0tders, aHdot CngOrcia0 IN
said contract '6cti0eca them amt ho
| Commemorative" dc.
And so jury was required to b.
empanelled to try whether the hitherto
undisputed coupons were genuine legal
coupons, whereas in truth and Ia fact
no such thing as n spurious or forged
coupon had ever been seen, and II
stolen the position OF the State could
not be different from that OF any
| individual under similar circumstances,